TOP CORPORATE NEWS:- 6 Nov 2017

top corporate news

TOP Headlines Of The Day:- 6 Nov 2017

Titan clocks an upward move of more than 15% post Q2 results
Natco Pharma invests Rs 75 million in PACE Hospitals
Reliance Nippon AMC lists at 17% premium
RCom down 5.6% after Brookfield deal falls through
Indian Bank Q2FY18 standalone net profit rises 11.4% yoy

Titan clocks an upward move of more than 15% post Q2 results
The spurt in the stock price is on account of strong quarterly results posted by the company on November 3, 2017.
Revenue for the quarter came in 12.4 % higher than the estimated figure of Rs 3,090 crores. EBITDA for the quarter came in 25.8 % higher than the estimated figure of Rs 317 crores. Net profit for the quarter came in 28 % higher than the estimated figure of Rs 217.1 crores.

Natco Pharma invests Rs 75 millions in PACE Hospitals
The company, as per its filing on November 4, 2017 in BSE, has executed a definitive agreement and subscribed to 7.5% of the paid-up equity share capital of PACE Hospitals (OMRV Hospitals Private Ltd.). The investment amount for the subscription is Rs 75 million.
OMRV operates under the brand name of PACE Hospital which is a super specialty hospital presently operating in Hyderabad, Telangana focused on tertiary care services in the field of Medical and Surgical Gastroenterology, Hepatology, Nephrology, Urology, GI Oncology and Andrology.

Reliance Nippon AMC lists at 17% premium
The equity shares of Reliance Nippon Life Asset Management Ltd (RNAM) were listed today on both the NSE and the BSE. The stock listed at Rs 295.9, a premium of Rs 43.9 or 17.4% (on the upper band of the IPO price of Rs. 252). RNAM was admitted to dealings on the BSE in the list of ‘B’ Group Securities. The stock codes for RNAM on the BSE and NSE respectively are 540767 and RNAM.
RNAM is an India based asset management company. Company is promoted by Reliance Capital Limited and Nippon Life.
Reliance Capital is an RBI registered non-banking finance company with business interests in asset management and mutual funds, life, health and general insurance, commercial and home finance, stock broking, wealth management services, and distribution of financial products, asset reconstruction, and proprietary investments.

RCom down 5.6% after Brookfield deal falls through
Shares of Reliance Communications (RCom) dropped to their all-time low on Monday after asset Management Company Brookfield Infrastructure called off its $200 mn deal with Reliance Communications on Saturday.
RCom had entered into a deal with Brookfield Infrastructure in order to monetize its tower assets as part of the company’s debt restructuring plan.
Brookfield cited the failed merger with Aircel as one of the reasons for the withdrawal from the deal.

Indian Bank Q2FY18 standalone net profit rises 11.4% yoy
Indian Bank posted its quarterly earnings today. The NII for the quarter rose by 20.8% yoy to Rs.1543 crore in Q2FY18 vs Rs.1278 crore in previous year corresponding quarter. This was largely aided by 3.7% yoy decline in interest earned to Rs.2615 crore in Q2FY18 vs Rs.2716 crore in Q2FY17.
While, Interest income for the quarter rose by 4% yoy to Rs.4159 crore in Q2FY18 vs Rs.3994 crore in Q2FY17.
Asset quality of the bank was stable for the quarter. The GNPA’s for the quarter saw 5% yoy increase to Rs.9623 crore in Q2FY18 vs Rs.9152 crore in previous year corresponding quarter. GNPA’s as percentage to total advances declined by 61 bps to 6.67% vs 7.28% in Q2FY17. While net NPA’s also declined by 121 bps to 3.41% in Q2FY18 vs 4.62% in Q2FY17.

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